Using wise for converting USD to ZAR

[chloroformaa]

For those who use wise for receiving international payments:
1. Does it only allow to receive it in USD or multiple currencies .?.
2. How to convert in into ZAR..do we have to attach a holding account (South African bank account) and wise will convert it OR a peer to peer system is followed( where we send USD to another wise account holder and he sends ZAR from his local bank account and whole transaction takes place through escrow system so if he doesn't transfer in time, then our USD is refunded back)?
3. Do we have to enter bop code when converting USD to ZAR..?.

 

[Speedster]

For those who use wise for receiving international payments:
1. Does it only allow to receive it in USD or multiple currencies .?.
2. How to convert in into ZAR..do we have to attach a holding account (South African bank account) and wise will convert it OR a peer to peer system is followed( where we send USD to another wise account holder and he sends ZAR from his local bank account and whole transaction takes place through escrow system so if he doesn't transfer in time, then our USD is refunded back)?
3. Do we have to enter bop code when converting USD to ZAR..?.

1. Multiple currencies
2. You just do the conversion on their platform
3. No bop required on conversion

Once converted you make a payment to a ZAR account. I'm not sure if they ask for a bop for this.

 

[chloroformaa]

1. Multiple currencies
2. You just do the conversion on their platform
3. No bop required on conversion

Once converted you make a payment to a ZAR account. I'm not sure if they ask for a bop for this.

Thanks for reply...PayPal, i know can be used to spend in Uber and ubereats directly .can wise also be used somewhere ?..like you receive in wise, so you generally transfer to bank account or spend directly .?...or it is mostly used to transfer it into other wise account only...

 

[Speedster]

Thanks for reply...PayPal, i know can be used to spend in Uber and ubereats directly .can wise also be used somewhere ?..like you receive in wise, so you generally transfer to bank account or spend directly .?...or it is mostly used to transfer it into other wise account only...

It's a multicurrency online bank account. You can make payment to virtually any bank account on the planet at local rates and receive in I think 8 different currencies. They have a debit card as well, but I don't think that's available to South Africans yet.

DM me if you want a referral code - it'll save some of the transfer fees on your first transfer

 

[chloroformaa]

It's a multicurrency online bank account. You can make payment to virtually any bank account on the planet at local rates and receive in I think 8 different currencies. They have a debit card as well, but I don't think that's available to South Africans yet.

DM me if you want a referral code - it'll save some of the transfer fees on your first transfer

Ohh..i see, does the receiver also needs to have wise for me to send directly in his bank account from my wise account or it can be done without receiver having wise or any other 3rd party virtual account ..?..
Having said that, is this feature of transfer from virtual account directly to bank account also possible in PayPal..?.bcoz i haven't explored this particular feature of PayPal..

 

[Speedster]

Ohh..i see, does the receiver also needs to have wise for me to send directly in his bank account from my wise account or it can be done without receiver having wise or any other 3rd party virtual account ..?..
Having said that, is this feature of transfer from virtual account directly to bank account also possible in PayPal..?.bcoz i haven't explored this particular feature of PayPal..

You're over complicating things. Does a receiver need a Capitec account for you to make a payment from your Capitec account?

I have family all over the world. Last week I sent my brother some milkshake money to his local Hong Kong account. Transfer was instant.

I don't think PayPal is even remotely similar.

 

[chloroformaa]

Hi. Thanks for your reply...Capitec is a full bank whereas wise is not a bank , just a money sending service ....but as , you said that it does offer payment directly into any bank account, then i should really look into it ...